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Rabat – Fuel prices in Morocco are showing moderate signs of recovery after reaching all-time high records earlier this month amid what many experts have said is an impending global recession.
On Friday, the price of diesel fell under the MAD15 ($1.5) thresholds at the gas pumps across the country.
Fuel prices have taken an upward trajectory since April, causing significant social unrest as transport professionals called for government intervention. The prices especially increased this month. On July 15, the price of a liter of gasoline averaged a staggering MAD 18 ($1.79).
While the Moroccan government has approved a program to dedicate funds directly to transport professionals, Economy and Finance Minister Nadia Fettah Alaoui said earlier this month that Morocco can provide full-scale subsidies for fuel.
As of July, the government allocated more than MAD 300 million ($30 million) for a special program to support transport professionals.
In addition to supporting transport professionals, the measure aims to avert the compound effect that rising fuel prices would have on commodities prices.
Several workers have since spoken out against the program, alleging that the government has done a poor job in overseeing the process of handing the financial support to actual professionals within the sector.
Others have complained that the amount of fiscal stimulus does not adequately cover the dramatic rise in fuel prices.
The government has promised a new round of subsidies for the sector in the course of August.
In March, diesel prices overtook those of gasoline for the first time in Morocco.
The price of one liter of diesel stood at MAD 14.31 ($1.48) on March 31, while the price of one liter of gasoline averaged MAD 14.20 ($1.47) per liter.
Read Also: Morocco at Forefront of High Fuel Prices Among Arab Countries
